THE VARIOUS DEFINITIONS OF ENTREPRENEURSHIP

The various definitions of entrepreneurship will not be complete without
some important words or their synonyms which differentiates an entrepreneur
from others. These words include creativity, innovation, development, seizing
opportunities, and converting opportunities to marketable ideas, and bearing
the risk of competition. These words simplify the traits which qualifies an
entrepreneur which is the person in the center of Entrepreneurship. An
entrepreneur is distinguished from others by his or her ability to apply these
traits which are inherent in most, if not all human, but is dormant in many
people because they do not deep down within themselves to utilize these traits.

An entrepreneur is someone who can use his creative mind to make out
something out of nothing or transform something that is already in existence
into something better. He is able to study his external societal environment,
immediate environment, and internal environment and recognize the opportunities
available and those he can seize, develop, and convert into goods and services
which others can buy. An entrepreneur must have the spirit of innovation to
enable him bring such ideas to light and at same time he bears the risk
involved in the decisions he took and the risk of competition by other
entrepreneur. It is because of this trait that these words are included in the
various definitions of Entrepreneurship.